April crude oil was higher overnight as it consolidates above the 20 day moving average crossing at $42.23.
Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If April extends Wednesday's rally, February's high crossing at $47.99 is the next upside target.
Closes below Tuesday's low crossing at $39.44 are needed to confirm that a short term top has been posted.
First resistance is Wednesday's high crossing at $45.70.
Second resistance is February's high crossing at $47.99.
First support is the 10 day moving average crossing at $42.60.
Second support is Tuesday's low crossing at $39.44.
No comments:
Post a Comment